Zynga reportedly had three top executives resign in July

Jul 29, 2013
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Zynga reportedly had three top executives resign in July

It is no secret that Zynga, maker of several popular Facebook games, has been having considerable financial trouble over the past months. Earlier this month, Microsoft's Don Mattrick went on to become the company's CEO, and following this three top executives have resigned from their position. The information comes from sources said to be familiar with the matter who spoke to Bloomberg.

According to these sources, the executives who retired are Senior Vice President of Games John Osvald, Vice President of Zynga's Casino Division Jesse Janosov, and Vice President of Games Nathan Etter. As Bloomberg pointed out, Mr. Etter has since updated his LinkedIn profile to show his current job as being with Disney's interactive division.

If true, this would be the latest in a long line of high-level employees who have left Zynga since late 2011, an unfortunate move for the company that further signifies its various financial trouble. Such is the result of a steady decline in demand for its games, of which includes the not-as-popular-as-they-used-to-be Mafia Wars and FarmVille.

The story of Zynga's troubles began a bit after it made its initial public offering in December of 2011. At its top, the company was the maker whose games were most in demand on Facebook, something that helped prompt a massive $1 billion IPO. Since that time, other companies have moved in with their own games, of which several are now among the top most played on the social network.

In a somewhat bitter twist of irony, several of the workers who left Zynga have moved on to create their own online game companies that now compete with their former employer, among them being TapZen and JuiceBox Games. It is yet to be seen whether Mattrick will turn the company around, but if the rumor is true, it would seem at least three executives weren't confident that would happen.

SOURCE: Bloomberg


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